Top 10 Dying Industries in 2014

December 15, 2014

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In 2014, the rise of digitalization continued with even faster pace than expected. That, of course, had both positive and negative effects. The positive were mainly witnessed by newly-developed sectors like online retail, the electronic book industry, as well as the app sector. The negative effects of the 2014 digitalization were limited to more traditional industries. That is why, this article will feature many sectors that contain the word “traditional,” as a softer description of dying industries.

Recording Industry

2014 was more than terrible for the recording industry. As a start, recording revenues reached a 10-year low. As a result, labels are no longer as powerful and influential as they used to be in the past. Therefore, music artists are forced to seek other methods to get their music across. U2, for instance, sign up a contract with Apple and released their new album for free for iPhone 6 users. Only Taylor Swift proved that the recording industry is not dead, after her latest album sold in over 1.2 million copies. Yet, although not dead, this sector is definitely dying, or at least the traditional part of it.

While eBooks are keeping the love for reading alive, traditional printed books are in a rough patch. More and more people prefer to purchase books in electronic format, since they are much cheaper and more portable. Consumers tend to invest in hard copies of books only when they are planning to give them to someone as a gift. Don’t get this wrong, digital books will need a long time to take over our loved home libraries and children still prefer printed books. It is just that digital books are easier for finding and writing.

If you are working as a travel agent, you might have noticed that this industry is now hugely disrupted by the world of the Internet. There are plenty of websites, online platforms and applications that are dedicated exclusively to travel planning, travel reviewing, travel booking or even travel-related discounts. Travelers browse unique packages or discounted offers without having to pay a cent, at that, with a similar if not higher success rate.

The retail industry is far from dying. However, some of its subindustries are closer to the edge than you might think. Bog box retailing, for instance, saw a great decline in 2014. Some of the world biggest and most successful retailers were forced to downsize their retail stores. Among them was also Best Buy. The company decided to invest in small stores instead. So big department stores are not so interesting for shoppers any more.

Traditional media is also threatened. The newspaper industry, in particular, has a lot to be worried about but still produces decent revenues year on year. Many people, today, prefer to stay informed through social media or online news aggregators and apps. Job offers in the industry have also decreased. The survivors should maintain strong online presence and use innovative strategies.

Brokerage Industry

Online trading platforms have almost replaced stock brokers. Now, people can take full control over their trading activity and decisions, providing they know how. Although that is not necessary a good strategy, it gives some sort of independence to those wishing to try their luck in the stock market. Dubai Stock Market is not recommended for trials at this time.

Traditional Marketing

Media and marketing are connected, even blending together in recent years. Therefore, if traditional media is on the decline, this means that the situation will be quite similar in the traditional marketing industry. This year, it was social media marketing that witness the most impressive jump. However, it was mainly paid social media marketing that saw it. Many social networks opened their doors to advertising by pushing forward promo posts on users’ timelines. But this is very generalized opinion and as usual there are exceptions of the rule, with some cities, companies and brands relying mostly on strong marketing campaigns to keep afloat. A new online marketing strategies are developing mainly online and here is one you must consider.

Recruitment Industry

Traditional recruitment industry is giving way to new, more effective recruitment methods like social media, online professional networks. Well, that does not necessary mean death of the recruitment industry, but rather evolution. Still, it does suggest that the world of traditional industry is long-gone. Don’t forget to update your LinkedIn profile!

Manufacturing Industry

While 3D printers were a pricey luxury in 2013, this year’s Black Friday discounts made these innovative devices more affordable than ever to the common consumer. While their capabilities are still limited, you can bet than in 2015, technology companies will invest even more in attempt to improve them.

Traditional Taxi Industry

Although there are many controversies around online services like Uber and Lyft, most consumers seem friendly to them. Taxi hailing applications have already reached an impressive number of small markets all over the world and they are enjoying amazing popularity. The main reasons for that are that such services give people the freedom to choose their taxi driver, call a cab with just one tap, give reviews of the service, follow their taxi’s location through their mobile devices… and the list goes on.

While all of these industries are on their last leg, many of them will not vanish completely. They will simply transform into sectors which are less traditional and more digital than ever.